Unit 2 _ Activities & Worked Examples_ FIN
Unit 2 Question – download Scenario: You are a Chartered Accountant working for Flexi Pty Ltd. An extract of Flexi’s key accounts are provided in the table. The below additional information relate to Flexi Pty Ltd in the financial year. Additional Information: • All revenue is made on credit. • Included in other expenses is […]
Unit 1 _ Activities & Worked Examples_ FIN
Feel Free to leave questions below related to Unit 1 We will answer your answer here.
Assumed knowledge Q1
A prepayment for trading stock is not an allowable deduction because:
Unit 13: Financial transactions
Division 230 Financial arrangement – arrangements made up of rights to receive financial benefits that are monetary in nature. It generally applies to authorized deposit taking institution, such as Bank, a superannuation entity, entities meet a number of thresholds 1) aggregated turnover is 100 million or more 2) assets >300 million 3) financial assets > […]
Unit 8: Companies – Part B
Private company loans and other payments (Division 7 A ITAA 1936) Key concepts Purpose of Division 7A (deemed dividend) – to prevent private companies from making tax-free distributions of profits to shareholders or their associates. Payments, loans and debts forgiven to shareholders or their associates will be deemed to be dividends. Any distributions of the […]
Unit 12: Consolidated entities
Entities in a consolidate group can lodge one combined consolidated account We must understand if we have a consolidated group – Tax group that can be consolidated must comprise an Australian resident head company. It must have at least one whole owned (100%) resident subsidiary Head company – must be an Australian resident; Tax consolidation Residency […]